Fuel prices are rising at the pumps as major Oil Marketing Companies adjust rates ahead of the first pricing window of April.
The increases reflect a mix of compliance with the National Petroleum Authority’s price floor and upward pressure from global market trends driven by geopolitical tensions.
State-owned GOIL is the first to implement the new rates, increasing both petrol and diesel to the approved minimum thresholds.
Petrol is now selling at GH¢13.30 per litre, up from GH¢12.24, while diesel has risen to GH¢17.10 per litre from GH¢15.69 per litre.
However, the price of Super XP 95 remains unchanged at GH¢14.35 per litre.
Star Oil has also increased prices of petroleum products ahead of the commencement of the first pricing window for April.
Petrol, which previously sold at GH¢12.19 per litre, is now retailing at GH¢13.49 per litre. Diesel has risen from GH¢15.69 to GH¢17.97 per litre, while RON 95 has increased from GH¢14.25 to GH¢15.25 per litre.
The company attributes the upward adjustment to developments on the global market, largely driven by ongoing geopolitical tensions and rising crude oil prices.
Star Oil indicated it had initially planned to maintain current prices until 1st April, but increased demand across its stations and the depletion of previously priced stock necessitated an earlier review.
More Oil Marketing Companies are expected to adjust pump prices in line with the new price floor set for the first pricing window of April.
The new price floor set by the National Petroleum Authority (NPA) for the first pricing window of April will see diesel selling at a minimum of GH¢17.10 per litre while petrol is pegged at a minimum of GH¢13.30 per litre. Liquefied Petroleum Gas (LPG) will also sell at a minimum of GH¢10.71 per kilogram.
